You own 35% of a profitable Long Island City design-build LLC. On a Wednesday afternoon, your managing member emails a "restated and amended" operating agreement — 47 pages of new language — and gives you a week to sign. The new version quietly deletes your consent right on major decisions, adds a 10% "management fee" off the top of gross revenue, and slips in a mandatory buyout at book value if you ever "cease active participation." You never agreed to any of it. Welcome to
You're a 30% member of a Queens restaurant group. The managing member stopped sending you K-1s on time, started paying himself a "consulting fee" you never approved, and last month told you the business "had a rough quarter" — even though you can see the dining room packed every Friday night. You want answers. In New York, you have a powerful tool that most minority members don't know how to use: a formal demand for LLC books and records in New York. Done right, it gets you t
Reza Yassi
May 12
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